NSE:LUPIN · Risk Score Report

NSE:LUPINNSEHealthcare

Lupin Limited

📊 Drug Manufacturers - Specialty & Generic

Day ₹2,305

₹2,334 Neutral

52W ₹1,837

₹2,381 Overbought

₹2,321.40

▲ ₹18.70 (+0.81%)

Vol: 286,597 · Avg: 984,730

As of April 29, 2026 · 06:41 IST

COMPOSITE RISK SCORE

VAL:14/25 · FIN:13/25 · GRO:18/25 · TECH:13/25

📈 P/E RATIO

22.9x

Trailing

📖 P/B RATIO

5.4x

Price to Book

💰 EPS

₹101.32

TTM

🏛 MARKET CAP

₹106,130Cr

Large Cap

📊 ROE

19.1%

Return on Equity

📈 REV GROWTH

24.3%

YoY

🏢 Company Analysis · Lupin Limited

💼 BUSINESS MODEL

Lupin Limited, together with its subsidiaries, operates as a pharmaceutical company in India, the United States, and internationally..
The company operates in two segments: Pharmaceuticals and Others..
It engages in the drug discovery, development, production, marketing, and sale of various branded and generic formulations, biosimilars, over-the-counter and specialty drugs, and active pharmaceutical ingredients (APIs)..
The company also offers formulations for use in the therapeutic areas of anti-tuberculosis, diabetes management, cardiovascular, chronic obstructive pulmonary diseases, asthma, women's health, and central nervous system areas, as well as pediatrics, gastrointestinal, anti-infective, and nonsteroidal anti-inflammatory drug therapies..
Operates in Drug Manufacturers - Specialty & Generic within the Healthcare sector.
Workforce of 24,006 employees.

🏰 MOAT & COMPETITION

Mega-cap (₹106,130 Cr) — dominant market position with significant scale advantages.
Profit margin of 17.8% — moderate pricing power.
Key competitors: Glaxosmi. Pharma, Sun Pharma.Inds., Abbott India, Biocon.

🚀 CATALYSTS

Company has delivered good profit growth of 54.9% CAGR over last 5 years
Update: BioMarin Pharmaceutical to Acquire Amicus Therapeutics for $4.8 Billion; Shares Jump (MT Newswires)
BioMarin Pharmaceutical to Acquire Amicus Therapeutics for $4.8 billion (MT Newswires)
Revenue growing at 24% — strong top-line momentum.
Earnings growth of 37% signals execution on profitability.

⚖️ ASYMMETRY CHECK

Analyst target range: ₹1,800 — ₹2,700 (mean ₹2,427, 36 analysts).
Unfavorable asymmetry — limited upside +16% vs downside -22% (0.7x).
P/E of 22.9x — fair value territory; catalysts needed for re-rating.

🔭 FUTURE OUTLOOK

Analyst consensus: Buy (36 analysts).
Latest quarter earnings grew 38% YoY — positive trajectory.

✅ PROS

Company has delivered good profit growth of 54.9% CAGR over last 5 years
Company has been maintaining a healthy dividend payout of 26.0%

❌ CONS

Stock is trading at 5.41 times its book value
The company has delivered a poor sales growth of 8.11% over past five years.
Company has a low return on equity of 13.4% over last 3 years.

VALUATION

14/25

25% WEIGHT

P/E at 23x
P/B at 5.4x
Analyst target: ₹2427 (+4.5%)
1Y return: +13.0%

FINANCIAL HEALTH

13/25

25% WEIGHT

ROE: 19.1%
Profit margin: 17.8%
Revenue growth: 24.3%
Debt/Equity: 32%

GROWTH

18/25

25% WEIGHT

Revenue growth: 24.3%
Earnings growth: 37.3%
Beta: 0.28
Sector: Healthcare

TECHNICAL

13/25

25% WEIGHT

RSI, MACD, MA crossovers
200 DMA & 50 EMA position
Volume trend analysis
Price momentum signals

📈 Price Movement

🕯 Candlestick Chart

🎯 Price Prediction · Analyst Target Cone Source: Yahoo Finance Analyst Targets ↗

📉 Valuation Trends (at current CMP)

P/E Ratio at current CMP

💎 Valuation & Financial Metrics

P/E RATIO

22.9x

Trailing twelve months

P/B RATIO

5.4x

Price to Book value

ROE

19.1%

Return on Equity

PROFIT MARGIN

17.8%

Net profit margin

OPM

26.5%

Operating profit margin

ANALYST TARGET

₹2,427

Range: ₹1,800 - ₹2,700

Yahoo Finance ↗

PEG RATIO

0.36

Price/Earnings to Growth

EV/EBITDA

15.3x

Enterprise value ratio

CURRENT RATIO

N/A

Liquidity measure

DIVIDEND YIELD

0.52%

Annual yield

ROA

13.9%

Return on Assets

GROSS MARGIN

70.6%

Gross profit margin

INDUSTRY AVERAGES — PHARMACEUTICALS

P/E 34.6x (below avg)

P/B 5.0x (sector fair)

ROCE 22.7% (below avg)

ROE 20% (sector good)

OPM 22% (sector good)

Div Yield 0.99%

D/E <20 (sector comfort)

📋 Quarterly Performance Trend

Quarter	Revenue	QoQ %	Net Profit	QoQ %	Op. Cash Flow	EBITDA Margin
Q2 FY25	₹5,497 Cr	—	₹853 Cr	—	N/A	25.2%
Q3 FY25	₹5,619 Cr	+2.2%	₹855 Cr	+0.3%	N/A	25.1%
Q4 FY25	₹5,562 Cr	-1.0%	₹773 Cr	-9.7%	N/A	24.3%
Q1 FY26	₹6,164 Cr	+10.8%	₹1,219 Cr	+57.8%	N/A	27.5%
Q3 FY26	₹7,100 Cr	+15.2%	₹1,176 Cr	-3.6%	N/A	27.5%

📊 Year-on-Year Trend

FY	Revenue	YoY %	Net Profit	YoY %	Op. Cash Flow	YoY %
FY22	₹16,193 Cr	—	₹-1,528 Cr	—	₹367 Cr	—
FY23	₹16,270 Cr	+0.5%	₹430 Cr	+128.1%	₹1,897 Cr	+416.5%
FY24	₹19,656 Cr	+20.8%	₹1,914 Cr	+345.1%	₹3,648 Cr	+92.3%
FY25	₹22,192 Cr	+12.9%	₹3,282 Cr	+71.4%	₹3,000 Cr	-17.8%

📈 Revenue vs Earnings

🎯 EPS: Estimate vs Actual

💰 How Lupin Limited Makes Its Money

🏦 Snapshot of Lupin Limited's Balance Sheet

💸 Looking into Lupin Limited's Cash Flow

📅 Quarterly Results Source: Screener ↗

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Sales +	4,814	5,039	5,197	4,961	5,600	5,673	5,768	5,667	6,268	7,048	7,168
YOY Sales Growth %	28.59%	21.54%	20.25%	11.98%	16.33%	12.59%	10.97%	14.24%	11.93%	24.23%	24.27%
Expenses +	3,958	4,121	4,159	3,964	4,359	4,332	4,412	4,346	4,541	4,706	4,906
Material Cost %	34.08%	33.79%	33.21%	31.73%	31.15%	29.79%	29.85%	29.75%	28.27%	25.89%	26.20%
Employee Cost %	17.54%	17.08%	17.11%	18.15%	17.34%	17.76%	17.07%	17.67%	17.28%	15.69%	15.95%
Operating Profit	856	918	1,038	997	1,241	1,340	1,356	1,321	1,727	2,341	2,262
OPM %	18%	18%	20%	20%	22%	24%	24%	23%	28%	33%	32%
Other Income +	23	40	29	29	68	42	54	57	79	90	-312
Exceptional items	0	0	0	0	0	0	0	0	0	0	-427
Other income normal	23	40	29	29	68	42	54	57	79	90	115
Interest	86	81	74	71	68	71	67	89	92	108	115
Depreciation	235	248	257	457	248	257	271	393	299	317	313
Profit before tax	559	630	736	498	993	1,055	1,071	896	1,416	2,007	1,522
Tax %	19%	21%	16%	26%	19%	19%	20%	13%	14%	26%	22%
Net Profit +	453	495	619	368	806	859	859	782	1,221	1,485	1,181
Minority share	-1	-6	-6	-9	-4	-7	-4	-10	-2	-7	-5
Exceptional items AT	0	0	0	0	0	0	0	0	0	0	-331
Profit excl Excep	453	495	619	368	806	859	859	782	1,221	1,485	1,511
Profit for PE	452	490	613	359	801	853	855	773	1,219	1,478	1,505
Profit for EPS	452	490	613	359	801	853	855	773	1,219	1,478	1,176
YOY Profit Growth %	608%	277%	300%	52%	77%	74%	39%	115%	52%	73%	76%
EPS in Rs	9.94	10.76	13.47	7.89	17.58	18.69	18.74	16.92	26.69	32.36	25.73
Raw PDF

📊 Profit & Loss Statement Source: Screener ↗

	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales +	15,797	14,665	15,375	15,163	16,405	16,642	20,011	22,708	26,150
Sales Growth %	-9.04%	-7.17%	4.84%	-1.38%	8.19%	1.44%	20.25%	13.48%
Expenses +	12,649	12,104	13,020	12,596	16,187	14,921	16,211	17,430	18,499
Manufacturing Cost %	12.49%	11.35%	11.89%	12.22%	11.77%	11.42%	11.16%	10.84%
Employee Cost %	18.14%	18.89%	19.43%	18.64%	18.22%	18.55%	17.46%	17.46%
Other Cost %	16.06%	18.57%	18.05%	16.85%	29.16%	18.95%	19.19%	18.33%
Operating Profit	3,148	2,561	2,355	2,567	219	1,721	3,800	5,278	7,652
OPM %	20%	17%	15%	17%	1%	10%	19%	23%	29%
Other Income +	-1,310	91	-134	138	210	151	131	202	-86
Exceptional items	-1,401	-313	-645	54	33	33	31	45
Other income normal	91	405	511	84	177	118	100	156
Interest	204	302	363	141	143	274	312	295	403
Depreciation	1,086	846	970	887	1,659	881	1,197	1,169	1,322
Profit before tax	547	1,503	887	1,676	-1,372	716	2,422	4,015	5,840
Tax %	53%	59%	130%	27%	10%	38%	20%	18%
Net Profit +	258	615	-270	1,228	-1,528	448	1,936	3,306	4,669
Profit from Associates	0	0	0	0	-19	0	0	0
Minority share	-7	-9	0	-11	0	-18	-21	-25
Exceptional items AT	-30	-123	201	40	33	20	23	34
Profit excl Excep	289	739	-471	1,188	-1,561	427	1,913	3,272
Profit for PE	281	728	-470	1,177	-1,561	410	1,892	3,248
Profit for EPS	251	607	-269	1,217	-1,528	430	1,914	3,282
Profit Growth %	-89%	159%	-165%	351%	-233%	126%	361%	72%
EPS in Rs	5.56	13.40	-5.95	26.81	-33.62	9.45	42.01	71.88	101.70
Dividend Payout %	90%	37%	-101%	24%	-12%	42%	19%	17%

🏦 Balance Sheet Source: Screener ↗

	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Sep 2025
Equity Capital	90	90	91	91	91	91	91	91	91
Reserves	13,487	13,652	12,446	13,712	12,062	12,374	14,199	17,112	19,541
Borrowings +	7,143	8,496	6,305	5,129	4,158	4,542	2,922	5,448	6,217
Long term Borrowings	6,424	6,642	1,793	16	142	28	0	1,766	1,539
Short term Borrowings	452	1,580	2,493	4,767	3,702	4,217	2,670	3,310	4,239
Lease Liabilities	0	0	0	346	314	297	252	371	439
Other Borrowings	267	274	2,019	0	0	0	0	0
Other Liabilities +	5,300	5,423	5,968	4,498	5,340	5,794	6,539	6,327	7,651
Non controlling int	40	47	44	55	69	78	83	91	96
Trade Payables	2,575	2,498	2,412	2,014	2,283	2,532	2,958	2,958	3,407
Advance from Customers	24	42	82	26	16	15	25	22
Other liability items	2,660	2,836	3,429	2,403	2,973	3,169	3,473	3,257	4,148
Total Liabilities	26,020	27,661	24,810	23,430	21,651	22,800	23,751	28,978	33,500
Fixed Assets +	10,362	11,087	7,938	7,881	7,382	8,355	8,878	9,719	10,252
Land	445	457	301	305	316	328	336	324
Building	1,785	1,910	2,179	2,361	2,660	2,832	2,972	3,143
Plant Machinery	3,658	4,072	3,652	4,019	4,414	4,903	5,505	5,911
Equipments	219	242	259	263	285	299	354	408
Furniture n fittings	228	255	202	202	206	220	194	195
Vehicles	34	36	83	81	89	106	117	124
Intangible Assets	2,541	8,661	7,429	7,416	7,783	2,219	2,325	2,233	4,997
Other fixed assets	4,950	99	56	79	238	7,170	7,860	7,846
Gross Block	13,860	15,732	14,160	14,727	15,990	18,077	19,665	20,184
Accumulated Depreciation	3,498	4,645	6,222	6,846	8,609	9,722	10,786	10,464
CWIP	2,598	1,640	940	1,066	1,146	1,238	773	517	593
Investments	262	2,295	2,374	2,455	900	517	1,075	1,146	3,331
Other Assets +	12,798	12,639	13,557	12,028	12,224	12,690	13,026	17,596	19,325
Inventories	3,662	3,837	3,457	4,092	4,631	4,492	4,954	5,476	5,955
Trade receivables	5,192	5,150	5,446	4,474	4,262	4,481	4,692	5,497	6,290
Cash Equivalents	1,408	987	2,454	1,742	1,098	1,293	1,203	3,142	3,040
Loans n Advances	195	234	360	300	347	333	402	393	1,332
Other asset items	2,340	2,431	1,840	1,420	1,886	2,091	1,776	3,087	2,707
Total Assets	26,020	27,661	24,810	23,430	21,651	22,800	23,751	28,978	33,500

💰 Cash Flow Statement Source: Screener ↗

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity +	4,114	1,751	1,666	1,469	1,822	367	1,897	3,648	3,000
Profit from operations	4,758	3,329	3,106	2,451	2,710	335	1,814	3,889	5,317
Receivables	97	-888	-56	-1,044	895	275	-132	-241	-781
Inventory	-372	17	-295	-480	-657	-499	195	-440	-541
Payables	603	-31	-164	562	-373	234	217	419	1
Loans Advances	-11	-8	10	4	2	3	-15	0	0
Other WC items	187	-110	5	487	-59	-28	62	348	-89
Working capital changes	505	-1,019	-500	-471	-192	-15	327	86	-1,411
Direct taxes	-1,149	-558	-939	-511	-695	47	-243	-326	-906
Cash from Investing Activity +	-2,527	470	-3,282	1,107	-1,240	1,292	-1,287	-1,712	-4,172
Fixed assets purchased	-2,637	-1,553	-985	-673	-678	-905	-1,500	-929	-1,682
Fixed assets sold	36	64	25	2	6	7	39	12	29
Investments purchased	-0	-5,029	-9,159	-14,126	-12,418	-11,350	-11,823	-11,128	-17,048
Investments sold	1	6,945	7,134	14,007	12,392	12,939	12,219	10,591	17,016
Interest received	11	13	62	129	40	33	32	46	130
Dividends received	49	28	42	15	0	0	0	0	0
Redemp n Canc of Shares	0	0	0	1,578	0	0	0	0	0
Acquisition of companies	0	0	0	0	0	0	0	0	0
Other investing items	13	3	-402	176	-582	568	-254	-304	-2,616
Cash from Financing Activity +	433	-1,492	744	-891	-1,885	-1,572	-337	-2,184	1,732
Proceeds from shares	43	15	4	6	11	16	2	15	40
Proceeds from borrowings	948	972	1,292	839	353	142	286	0	2,428
Repayment of borrowings	0	-1,868	0	-989	-1,721	-1,221	-113	-1,617	0
Interest paid fin	-151	-204	-280	-356	-152	-124	-227	-283	-255
Dividends paid	-338	-338	-225	-226	-272	-295	-182	-183	-365
Financial liabilities	0	0	0	-117	-104	-91	-103	-116	-115
Other financing items	-69	-69	-46	-47	0	0	0	0	0
Net Cash Flow	2,019	729	-872	1,685	-1,303	87	273	-248	560
Free Cash Flow	1,513	261	706	798	1,150	-531	436	2,732	1,347
CFO/OP	117%	73%	102%	84%	98%	146%	124%	105%	74%

📈 Key Financial Ratios

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Debtor Days	91	120	128	129	108	95	98	86	88
Inventory Days	266	253	283	232	279	261	242	272	292
Days Payable	189	178	184	162	137	129	136	163	158
Cash Conversion Cycle	167	195	227	199	249	227	204	195	223
Working Capital Days	63	126	115	33	34	45	32	53	58
ROCE %	19%	10%	10%	9%	9%	-7%	6%	16%	21%

🏭 Industry Peers — Pharmaceuticals

#	Company	CMP	P/E	Mkt Cap	ROCE	Qtr Profit	Score
1	Glaxosmi. Pharma ★	₹2,373	39.9	₹40,200	63.2%	+22.8%	58
2	Sun Pharma.Inds.	₹1,753	34.6	₹420,651	20.2%	+18.7%	57
3	Abbott India	₹25,624	35.8	₹54,452	46.2%	+4.2%	51
4	Biocon	₹365	72.0	₹59,131	6.2%	+1470.0%	45
5	Zydus Lifesci.	₹918	18.0	₹92,357	24.3%	+7.7%	45
6	Lupin	₹2,325	21.4	₹106,294	21.3%	+76.0%	45
7	Dr Reddy's Labs	₹1,348	20.2	₹112,541	22.7%	-14.4%	45
8	Ajanta Pharma	₹2,814	34.6	₹35,158	32.4%	+17.6%	44
9	Cipla	₹1,318	22.4	₹106,462	22.7%	-43.7%	44

★ Glaxosmi. Pharma ranks higher on combined P/E, ROCE, and growth metrics in Pharmaceuticals

🏛 Shareholding Pattern

	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
Promoters	46.94%	46.91%	46.90%	46.89%	46.89%	46.85%
FIIs	22.04%	21.46%	21.25%	20.50%	21.50%	21.70%
DIIs	24.73%	25.41%	25.55%	26.56%	25.58%	25.32%
Government	0.01%	0.01%	0.00%	0.00%	0.00%	0.00%
Public	6.27%	6.21%	6.28%	6.06%	6.04%	6.13%
No. of Shareholders	2,81,988	2,83,210	2,86,604	2,80,256	2,88,931	2,90,411

🟢 CATALYSTS

🏆Positive Revenue Growth: Revenue growing at 24.3% YoY.

💹Low Beta (0.28): Less volatile than market — defensive play.

🔀Earnings Growth (37%): Above sector norm — strong profit expansion.

🔴 RISKS

📜Market Risk: Broader market correction or sentiment shift could impact stock.

💰Sector Risk: Regulatory or competitive changes in Healthcare space.

🔓Execution Risk: Growth may not meet elevated expectations.

🕸 Factor Analysis · Radar

Momentum 5/10
1M +0.3%, 6M +18.7%, RSI 52, MACD bearish, Above 200DMA

Sentiment 6/10
Analyst upside +4.5%, Rec: buy

Value 7/10
P/E 22.9, P/B 5.4, PEG 0.36, EV/EBITDA 15.3

Quality 5/10
Margin 17.8%, D/E 32

Low Volatility 10/10
Beta 0.28, Ann. vol 20%

🎯 Decision Matrix

Action	If Stock Rises	If Stock Falls
BUY	Capture 4.5% analyst upside; strong 21% ROCE compounds	OPM of 26% provides margin buffer
HOLD	Retain existing position; wait for better entry; FII stake rising (+0.20%)	Miss further upside if momentum continues
SELL	Lock in +13.0% 1Y return	Avoid further drawdown

REASONS TO BUY

Analyst upside of 4.5% with mean target of ₹2,427
ROCE at 21% indicates strong capital efficiency
FII stake rising (+0.20%) — signals institutional confidence
Revenue growing at 24.3% YoY (sector norm: 10%)

REASONS TO SELL / AVOID

No major red flags identified

📰 Latest News

Update: BioMarin Pharmaceutical to Acquire Amicus Therapeutics for $4.8 Billion; Shares Jump

MT Newswires · 2025-12-19T15:03

BioMarin Pharmaceutical to Acquire Amicus Therapeutics for $4.8 billion

MT Newswires · 2025-12-19T13:33

Lupin Ltd (BOM:500257) Q2 2026 Earnings Call Highlights: Record Revenue and Strategic Growth ...

GuruFocus.com · 2025-11-08T07:00

India's Lupin posts surge in quarterly profit on strong respiratory drugs demand

Reuters · 2025-11-06T14:10

India advances anti-dumping probe into tuberculosis drug imports from China, Thailand

Reuters · 2025-10-27T12:42

Gilead Resolves Patent Litigations for HIV Treatment Biktarvy

Zacks · 2025-10-07T13:37

RECOMMENDATION

SPECULATIVE BUY

COMPOSITE SCORE

58/100

Lupin Limited trades at ₹2,321.40 with a composite risk score of 58/100. The stock scores 14/25 on valuation, 13/25 on financial health, 18/25 on growth, and 13/25 on technicals. The company is currently profitable with strong return on equity.

Analyst consensus suggests upside of 4.5% with a mean target of ₹2427. Revenue growth is at 24.3% — a strong positive signal.

Within Pharmaceuticals, Glaxosmi. Pharma (P/E 39.9, ROCE 63.2%) ranks higher on techno-fundamental metrics and may be worth considering.

Bottom Line: Positive for Healthcare but monitor closely. The current recommendation is SPECULATIVE BUY.

PROFITABLE HIGH ROE STRONG GROWTH